Venture capital funding rounds decreased in terms of both deal value and volume in the second quarter.

Global venture capital deal value amounted to $65.41 billion from April to June, down 8.3% from $71.33 billion during the same period in 2023, according to S&P Global Market Intelligence data.

The number of announced transactions during the quarter fell 14.3% to 3,774 from 4,403 in the year-ago period.

In June, deal value declined 24.1% year over year to $20.94 billion. The number of deals during the month fell to 1,133 from 1,556.

– Download a spreadsheet with data in this story. – Read about venture capital activity in May. – Catch up on private equity headlines.

Tech leads sector investments

The technology, media and telecom sector remained the biggest recipient of venture capital in June, attracting almost half of the global total. Healthcare and industrials followed, receiving 17.1% and 16.3% of the total, respectively.

Within the TMT sector, application software companies recorded the largest number of funding rounds at 247, although that was much lower than the 395 rounds recorded in June 2023.

The systems software subsector was second with 59 funding rounds.

Largest deals

For the biggest funding round in June, a consortium comprising KKR & Co. Inc. and Singapore Telecommunications Ltd. announced an investment of S$1.75 billion in Singapore-based data center provider STT GDC Pte. Ltd.

The second-biggest funding round involved a consortium led by Searchlight Capital Partners LP and Ares Management Corp. funds, which agreed to invest £500 million of preferred equity in UK-based sustainable solutions provider RSK Group Ltd. In addition, Ares committed an incremental £300 million debt facility to the company.